(Reuters) -Pfizer is looking to sell about 700 million common shares in Haleon, its bookmaker JP Morgan said on Tuesday, reducing its stake in the British consumer healthcare company to about 7.3% from 15 %.
The sale represents almost 7.7% of the issued share capital of Haleon, which was created through the merger of GSK and Pfizer (NYSE ) in 2019. It was spun off from the British drugmaker in 2022.
Pfizer, which will remain Haleon's largest shareholder after the sale, had said in 2023 that it would reduce its ownership “slowly and methodically” over a few months.
The US pharmaceutical company is under pressure from hedge fund Starboard Value to hold its management accountable for its poor performance. Last October, it sold a $3.3 billion stake in the maker of Sensodyne, while GSK sold its entire stake in May.
JP Morgan and Morgan Stanley (NYSE:) are joint global coordinators and joint bookmakers for the sale of shares.
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=();t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)(0);s.parentNode.insertBefore(t,s)}(window, document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
